Building solid foundations for the Bahrain Real Estate sector
The President of the Survey and Land Registration Bureau and the Real Estate Regulatory Authority (RERA) Chairman, His Excellency Sheikh Salman Bin Abdullah Al Khalifa commenting on the key role of RERA said ‘RERA is focussed on creating an ecosystem which protects the interest of all stakeholders, improves transparency, increases efficiency and professionalism, builds trust and ultimately contributes to stimulating additional investment in Bahrain’s real estate sector. These are the key objectives for RERA’.
Since RERA commenced operations in March 2018 it has assessed and licensed in excess of 1200 real estate service providers. The initial feedback from the market on RERA operations has been positive with a view that RERA is having a positive impact on the real estate sector’s reputation and generating greater investor confidence .
“The spirit of collaboration is at the centre of the RERA approach. This starts at the top of the organisation with the RERA Board of Directors which has representation from both the public and private sectors. This spirit of collaboration and engagement carries through to our interactions with key stakeholders – brokers, valuers, developers, property managers, owners’ associations managers and all of those involved with the real estate sector “said Chief Executive Officer, Shaikh Mohammed bin Khalifa Al Khalifa.
This approach augurs well for RERA to provide and implement a national plan for regulating the real estate sector. In the thirteen months since the Real Estate Regulatory Authority (RERA) commenced operations its priority has been implementing regulations designed to give greater protection to investors buying off-plan properties, incentivising developers, licensing of key service providers and professionalising the sector. Over 70% of Resolutions have been introduced with the remainder due to be implemented by the end of 2019.
‘RERA is currently designing a real estate database which will provide local and international investors with reliable and valid information on the Bahrain real estate market. The initial set of reports will be available to assist investors in their decision making at the end of 2019 or early 2020’ said Shaikh Mohammed bin Khalifa Al Khalifa.
“The Gulf Property Show provides RERA with an ideal platform to continue our collaborative approach with the developers, brokers, investors and others in the real estate market. As part of our participation at the event we will be conducting workshops and seminars on a range of topics, including advise on setting up Owners Associations. In addition, our team of specialists will be on hand to provide advice and guidance on the regulatory framework and licensing related issues” concluded the RERA CEO.